Thursday, July 15, 2010

Dubai's financial crisis: a Q&A - Telegraph

Dubai's financial crisis: a Q&A - Telegraph: "Q. Where did Dubai go wrong? I thought it was in the 'oil-rich Gulf'?
A. Dubai is part of the United Arab Emirates, seven city-states which have separate ruling families, separate budgets, but security, immigration and foreign policies in common. Abu Dhabi has nearly all the UAE's oil. To keep up, Dubai from the 1950s on diversified its economy into ports, trade, services and finance, largely successfully. But its liquidity-fuelled real estate and tourism binge in the last decade may have been one step too far."